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BTS Group AB (publ) Interim report 1 January – 30 September 2021

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P R E S S R E L E A S E

Stockholm, November 10, 2021

Earnings 20 percent higher than in 2019

Third quarter 2021

  • Net sales amounted to MSEK 478 (347). Adjusted for changes in foreign exchange rates, sales increased 40 percent.

  • Operating profit (EBITA) increased to MSEK 114 (21). Excluding the forgiven PPP loan 64 (21).

  • The operating margin (EBITA margin) was 23.9 percent (6.0). Excluding the forgiven PPP loan 13.5 (6.0).

  • Profit after tax increased to MSEK 85 (8). Excluding the forgiven PPP loan 36 (8).

  • Earnings per share increased to SEK 4.42 (0.40). Excluding the forgiven PPP loan 1.85 (0.40).

  • Our comparison year is 2019, since 2020 was an extraordinary year. Adjusted for changes in foreign exchange rates, net sales increased 15 percent. Virtual deliveries mean that there are no expenses charged to revenue. The actual growth of the operations was approximately 20 percent.

  • Compared with the third quarter of 2019, operating profit (EBITA) increased 19 percent and profit before tax increased by 13 percent, excluding the forgiven PPP loan.

January 1–September 30, 2021

  • Net sales amounted to MSEK 1,346 (1,042). Adjusted for changes in foreign exchange rates, sales increased 40 percent.

  • Operating profit (EBITA) increased to MSEK 238 (45). Excluding the forgiven PPP loan 188 (45).

  • The operating margin (EBITA margin) was 17.7 (4.3) percent. Excluding the forgiven PPP loan 14.0 (4.3).

  • Profit after tax increased to MSEK 156 (12). Excluding the forgiven PPP loan 106 (12).

  • Earnings per share increased to SEK 8.08 (0.60). Excluding the forgiven PPP loan 5.51 (0.60).

  • Our comparison year is 2019, since 2020 was an extraordinary year. Adjusted for changes in foreign exchange rates, net sales in the first nine months of the year increased 13 percent compared with 2019. Virtual deliveries mean that there are no expenses charged to revenue. The actual growth of the operations was approximately 18 percent.

  • Compared with the nine-month period for 2019, operating profit (EBITA) increased by 20 percent and profit before tax by 13 percent, excluding the forgiven PPP loan.

In May 2020, the US BTS subsidiary received federal COVID-19 support under the “Paycheck Protection Program” (known as PPP loans). In accordance with the guidelines from the US Authorities, this loan was written off during the third quarter of 2021 and had a positive impact of MSEK 49.7 on operating profit.

CEO comments

“We are delivering our best-ever third quarter. Our long-term strategy for managing the pandemic is working and we have taken our company to a new level. The pandemic has initiated significant changes to strategies and organizations in major companies around the world, creating increased demand for our services," says Henrik Ekelund.

Upgraded outlook for 2021

The result – excluding the forgiven PPP loan – is expected to be significantly better than 2020 and significantly better than in 2019. This deviates from the previous report when the result was expected to be significantly better than 2020 and better than in 2019.

For more information, please contact:

Michael Wallin

Head of investor relations

BTS Group AB

michael.wallin@bts.com

+46-58 70 70 02

+46-708-78 80 19

About BTS Group AB

BTS is a global professional services firm headquartered in Stockholm, Sweden, with some 1,000 professionals in 36 offices located on six continents. For over 30 years, we’ve been partnering with our clients to enable strategy execution. At BTS, we believe that success comes from people understanding how their daily work impacts business results, so we provide the skills, tools, and knowledge your people need to take the right action at the right moment.

We are experts in behavior change and care deeply about both delivering results for our clients and ensuring that their people do the best work of their lives. Our engagements range from embedded multi-year transformation projects to brief, targeted capability development.

It’s strategy made personal.

Our primary practice areas include Change and transformation, Leadership development and Sales and marketing. In support of offerings from our primary practice areas, we have centers of excellence in Assessments for talent selection and development, Business acumen and innovation skill-building and Coaching as a practical tool to shift mindsets and turn strategy into action.

We’ve partnered with over 1,200 organizations, including over 40 of the world’s 100 largest global corporations. Our major clients are some of the most respected names in business: Salesforce, SAP, Abbott, Tetra Pak, EY, Tencent, Vale, and BHP.

BTS is a public company listed on the Nasdaq Stockholm and trades under the symbol BTS B.

For more information, please visit www.bts.com.

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